BitTorrent Tron Deal, it seems Tron was not the Highest Bidder

It is fascinating to know that Tron that acquired BitTorrent was not the highest bidder in the race. As reported by Coindesk one of the Tron’s top competitors Neo was in the quest to acquire the pioneering peer-to-peer file sharing software company BitTorrent.

According to Neo Blockchain’s head of investment, Weiyu “Wayne” Zhu, and internal BitTorrent documents obtained by CoinDesk, NGC’s bid was for $170 million, amounting to $50 million dollars more than Tron founder Justin Sun’s $120 million bid for the shares. However, Sun’s offer eventually succeeded.

Despite bidding $50 million more than Justin Sun, BitTorrent’s board nonetheless said in the documents that NGC’s offer was “not more favorable to the company and its shareholders” and accepted Sun’s proposal.

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Published by Samiksha Seth

Samiksha Seth a Storyteller with over 14 years of industry experience in BFSI, Fintech, e-commerce and currently exploring the world of Blockchain. She has worked on projects for some of the world’s leading financial companies both in India, Europe, and North America. She writes extensively on Fintech, Blockchain and other evolving technologies A Tech Enthusiast, an avid blogger, a Reiki practitioner and a curious mind. Samiksha does not hold any value in cryptocurrency or its projects.
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